Tinkler moves to scuttle loader

Nathan Tinkler
has moved to scuttle the 100 million tonne Terminal 4 development proposed by Newcastle port operator Port Waratah Coal Services (PWCS), just as his listed coal group
Aston Resources
takes more capacity with the port operator.

The Tinkler-backed Aston took a further 3.5 million tonnes with PWCS yesterday despite Tinkler’s plans to derail the PWCS Terminal 4 expansion through his private port venture Hunter Ports.

The Hunter Ports business put forward a formal proposal for a 100 million tonne, $2.5 billion coal port at the former BHP steelworks site to the NSW Department of Premier and Cabinet last week.

It is highly unlikely that both plans would succeed, given capacity in the Hunter Valley coal supply chain.

The 3.5 million tonne allocation awarded yesterday takes Aston’s total allocation at the multi-user port to 6.8 million tonnes in 2015.

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In its September quarter report, Aston said it had applied for that amount of capacity and expected a decision in December.

The application was made under the former senior management team of chief executive Todd Hannigan and chief financial officer Tom Todd. The pair left the company three weeks ago as Mr Tinkler became chairman in a dramatic reshuffle.

Aston is now in negotiations with
Whitehaven Coal
over a $4.7 billion merger. A fortnight ago, Whitehaven said it had won its own 2.4 million tonne a year allocation from PWCS from 2015.

The NSW government is entertaining Mr Tinkler’s port proposal despite the former government’s attempts to block further coal development on the former BHP steelworks site south of the Hunter River.

It is believed PWCS had considered the idea of expanding its current coal exporting facilities near the former BHP steelworks site by up to 10 million tonnes earlier this year.

But the former state government assured the industry that no new coal terminals would be developed near residential property on the south side of the Hunter River, according to federal Labor member
Sharon Grierson
.

“PWCS has had limits placed on them there," Ms Grierson said.

NSW Ports Minister
Duncan Gay
, a member of the NSW Nationals party, said the NSW government would convene a review committee to consider the proposal and report to the proposers as soon as possible.